Category: Loopholes


Recent blogs

Real Property Tax Basics

Property tax is one of our country’s oldest taxes; it was even established prior to federal income tax. As far back as the founding of the United States of America, property taxes were assessed on colonists who were settling this country. Property tax is (and has been) one of the

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Forgivable Expenses

Good news on forgivable expenses! There is a lot more that is eligible for forgiveness, and not just for new loans. The expanded categories apply retroactively to initial loans, as long as the taxpayer (the borrower) has not already applied for forgiveness. Let’s start with payroll costs. Under the old

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Section 105 Plan

Section 105 Plan How can you “hire” a spouse in a sole proprietorship without having to pay a wage, and where do you report it? A Section 105 plan allows the employee-spouse to be given tax-free reimbursement checks to pay for substantiated heal costs incurred for the employee-spouse, their spouse,

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Using Short Sales/Foreclosures to REDUCE Tax

While we’ve been slaving away over piles of tax returns, the IRS has been feverishly publishing information letters. These letters often provide reminders to us of helpful tax breaks and loopholes. If you have clients who’ve experienced a short sale/foreclosure/deed in lieu – they might be feeling anxiety over impending

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